Common use of Transfer of Company Title or Interest Clause in Contracts

Transfer of Company Title or Interest. This Agreement shall be binding upon the parties hereto, their suc- cessors, administrators, executors and assigns. In the event an en- tire operation, or portion thereof, or rights only, are sold, leased, transferred or taken over by sale, transfer, lease, assignment, re- ceivership or bankruptcy proceedings, such operation or use of such rights shall continue to be subject to the terms and conditions of this Agreement, for the life thereof. On the sale, transfer or lease of an individual run or runs, or rights only, the specific provisions of this Agreement shall prevail. It is understood by this Section that the parties hereto shall not sell, lease or transfer such run or runs or rights to a third (3rd) party to evade this Agreement. In the event the Employer fails to require the purchaser, the trans- feree, or lessee to agree to assume the obligations of this Agree- ment, the Employer (including partners thereof) shall be liable to the Local Union and to employees covered for all damages (includ- ing but not limited to monetary damages) sustained as a result of such failure to require assumption of the terms of this Agreement until its expiration date, but shall not be liable after the purchaser, the transferee or lessee has agreed to assume the obligations of this Agreement. The Employer shall give notice of the existence of this Agreement to any purchaser, transferee, lessee, assignee, etc., of the operation covered by this Agreement or any part thereof, in- cluding rights only. Such notice shall be in writing with a copy to the Local Union, at the time the seller, transferor, or lessor executes a contract or transaction as herein described. The Teamsters United Parcel Service National Negotiating Committee and Local Unions involved shall also be advised of the exact nature of the transaction, not including financial details.

Transfer of Company Title or Interest. This Agreement shall be binding upon the parties hereto, their suc- cessorssuccessors, administrators, executors and assigns. In the event an en- tire entire operation, or portion thereof, or rights only, are sold, leased, transferred or taken over by sale, transfer, lease, assignment, re- ceivership receivership or bankruptcy proceedings, such operation or use of such rights shall continue to be subject to the terms and conditions of this Agreement, for the life thereof. On the sale, transfer or lease of an individual run or runs, or rights only, the specific provisions of this Agreement shall prevail. It is understood by this Section that the parties hereto shall not sell, lease or transfer such run or runs or rights to a third (3rd) party to evade this Agreement. In the event the Employer fails to require the purchaser, the trans- fereetransferee, or lessee to agree to assume the obligations of this Agree- mentAgreement, the Employer (including partners thereof) shall be liable to the Local Union and to employees covered for all damages (includ- ing including but not limited to monetary damages) sustained as a result of such failure to require assumption of the terms of this Agreement until its expiration date, but shall not be liable after the purchaser, the transferee or lessee has agreed to assume the obligations of this Agreement. The Employer shall give notice of the existence of this Agreement to any purchaser, transferee, lessee, assignee, etc., of the operation covered by this Agreement or any part thereof, in- cluding including rights only. Such notice shall be in writing with a copy to the Local Union, at the time the seller, transferor, or lessor lesser executes a contract or transaction as herein described. The Teamsters United Parcel Service National Negotiating Committee and Local Unions involved shall also be advised of the exact nature of the transaction, not including financial details.

Transfer of Company Title or Interest. This Agreement shall be binding upon the parties hereto, their suc- cessorssuccessors, administrators, executors and assigns. In the event an en- tire entire operation, or portion thereof, or rights only, are sold, leased, transferred or taken over by sale, transfer, lease, assignment, re- ceivership receivership or bankruptcy proceedings, such operation operations or use of such rights shall continue to be subject to the terms and conditions of this Agreement, for the life thereof. On the sale, transfer or lease of an individual run or runs, or rights only, the specific provisions of this Agreement shall prevail. It is understood by this Section that the parties hereto shall not sell, lease or transfer such run or runs or rights to a third (3rd) party to evade this Agreement. In the event the Employer fails to require the purchaser, the trans- fereetransferee, or lessee to agree to assume the obligations of this Agree- mentAgreement, the Employer (including partners thereof) shall be liable to the Local Union and to the employees covered for all damages (includ- ing including but not limited to monetary damages) sustained as a result of such failure to require assumption of the terms of this Agreement until its expiration date, but shall not be liable after the purchaser, the transferee or lessee has agreed to assume the obligations of this Agreement. The Employer shall give notice of the existence of this Agreement to any purchaser, transferee, lessee, assignee, etc., of the operation covered by this Agreement or any part thereof, in- cluding including rights only. Such notice shall be in writing with a copy to the Local Union, at the time the seller, transferor, or lessor lesser executes a contract or transaction as herein described. The Teamsters United Parcel Service National Negotiating Committee and Local Unions involved Union shall also be advised of the exact nature of the transaction, not including financial details.